Chicago, IL (October 25, 2018) – Pearlmark today announced it has closed on a $5.1 million mezzanine loan investment for the development of 5570 Melrose Avenue, located directly across from Paramount Pictures Studios in the Mid-Wilshire Corridor of Los Angeles, CA. The project will total 52 luxury units and 5,500 square feet of street-level retail and will be developed by locally-based Crescent Capital Partners. The investment was originated by Pearlmark and made on behalf of Pearlmark Mezzanine Realty Partners IV, L.P. (“Mezz IV”). A senior construction loan was provided by Bank Hapoalim. Balboa Financial represented the borrower in securing both the senior and mezzanine financing.
Bill Swackhamer, Managing Director of Pearlmark, arranged the transaction. Mr. Swackhamer commented, “We view this project as an opportunity to invest in a high-quality multifamily development in an outstanding location with a strong local sponsor.”
Doug Lyons, Managing Principal and Head of Debt Investments for Pearlmark, further commented, “5570 Melrose is another prime example of our capabilities to provide mezzanine capital for well-sponsored development projects.”
Mezz IV announced its final closing in March 2018. It is the firm’s exclusive mezzanine investment vehicle, meeting borrower demand for mezzanine debt solutions on refinancings, recapitalizations, acquisitions, and selective development projects. Mezz IV is targeting a broad range of domestic commercial real estate assets and is flexible to accommodate stabilized cash flow, bridge/transition, and construction/development business plans.
Pearlmark is a Chicago-based investment firm that targets domestic core and value-add real estate opportunities via commingled funds, separate accounts and joint venture arrangements. Since inception in 1996, Pearlmark has sponsored more than a dozen investment programs for institutional and high net worth investors, and completed 538 real estate equity and debt transactions representing in excess of $13.25 billion in gross investment value. Pearlmark is dedicated to creating value for investors, and offers a range of investment opportunities across the various property types (office, industrial, multifamily) in both local and national markets. For more information, please visit https://www.pearlmark.com.